Aegon Scottish Equitable ?

Foxy-Saver

Hi Dunstonh

Thanks, I was getting a bit confussed, I think I will leave the investing part to the experts !

Also because I am just within the 40% income tax range, they are going to sort out claiming the additional 20% tax allowance on my new payments and also claim back this 20% tax allowance on my previous pension payments all the way back to 2004, as a lump sum ! result

I never knew I was entitled to this tax rebait and I met a few times with Scottish Widows over the years and they never mentioned it to me !

Thanks again for your help :T

Foxy

Hoof_Hearted

Ask your financial adviser how much commission he/she is getting. It may be a small percentage, but if it is of the total fund work out how much this will actually cost you.

Foxy-Saver

Hi Hoof Hearted

Good point, does the commision apply to my transferred pension funds, or my new pension payments, or even to the 20% tax rebates for my previous years payments ?

Thanks


Foxy

dunstonh

Good point, does the commision apply to my transferred pension funds, or my new pension payments, or even to the 20% tax rebates for my previous years payments ?

You dont pay the commission. You pay the charges. The charges go towards the commission. It will say on the illustration what the adviser is getting (note that is gross of tax, NI and expenses - not net).

It will have no impact on past years rebates.

I never knew I was entitled to this tax rebait and I met a few times with Scottish Widows over the years and they never mentioned it to me !

Difference in quality in the ISA and the Scot Wid sales rep.

Foxy-Saver

Hi Dunstonh

So as I understand it, there should not be any charges / commission on transferring my Scottish Widow pensions to Scottish Equitable, I will pay management charges on my pension plans yearly to Scottish Equitable
and Wellbeck will get commission from Scottish Equitable for providing them with a new client !

Wellbeck will be monitoring how my pension funds are performing every quarter and will advice me if there are better performing funds.

Thanks again for your help :T

Foxy

bobisking

Sorry to jump in on this thread but an IFA we have been talking to today has recommended we go with this company for a new pension but there has been no mention of a 4% bonus, am I missing something here, is it for certain products? Sorry to butt in!

dunstonh

bobisking wrote: »

Sorry to jump in on this thread but an IFA we have been talking to today has recommended we go with this company for a new pension but there has been no mention of a 4% bonus, am I missing something here, is it for certain products? Sorry to butt in!

The flexible personal pension comes with 3 options. The establishment charge option has the 4% after 10 years and then 0.5% thereafter. The other main version (disregarding number 3 for the moment as it comes up less), is the financial adviser fee version that takes the adviser fee off at the start but immediately gets a lower annual management charge that is dependent on the fund value. Larger fund values are often better on this version whereas smaller ones are better on the EC version. If you are in the middle there is often little or no difference.

bobisking

dunstonh wrote: »

The flexible personal pension comes with 3 options. The establishment charge option has the 4% after 10 years and then 0.5% thereafter. The other main version (disregarding number 3 for the moment as it comes up less), is the financial adviser fee version that takes the adviser fee off at the start but immediately gets a lower annual management charge that is dependent on the fund value. Larger fund values are often better on this version whereas smaller ones are better on the EC version. If you are in the middle there is often little or no difference.

Thanks dunstonh, we are waiting for the details but I think the quote will be for a catious fund with annual fees of 2.85%, dropping by 0.5% after ten years, payments starting at £200 per mth. Does this sound like the advisor version, we weren't told of any other options?